16-0315_CAPISTRANO UNIFIED SCHOOL DISTRICT_E1a_PowerPoint
A local agency forms a CFD under the
Mello-Roos Community Facilities Act of
1982
Bonds are issued
Bond proceeds are used to finance public
infrastructure and development fees
Bonds are repaid by Special Taxes
imposed on the homeowners
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1999 – CUSD formed CFD 98-1 2004 – The City and CUSD entered into a Joint Community Facilities Agreement 2008 – 98 of 416 homes were built and sold to homeowners 2008 – Developer (SunCal) defaulted on private financing 2015 – New Developer (Taylor Morrison) purchased the project 2016 – The various parties reach an agreement that will result in a reduction in the rate of Special Tax that is paid by existing homeowners
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March – CUSD Board of Trustees
approves a Resolution of Intent to Amend
CFD 98-1
April – City Council approves amended
Joint Community Facilities Agreement
2016/17 – Existing homeowners see their
Special Tax reduced from 57.73% to
39.67%
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Today we have representatives from the
various stakeholders associated with
Pacifica San Juan in case there are
questions:
Capistrano Unified School District
CUSD’s financial advisor
The City’s bond counsel
Taylor Morrison
Homeowners
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